Introduction

Abstract

Historically, nations have relied on strong institutions to achieve developmental goals such as reducing poverty levels, improving the quality of life and maintaining social harmony. Invariably, the fundamental pursuit of nation-building is predicated on sustainable economic growth and development. At the core of a modern economy and financial system are banks which play the key intermediation role of allocating funds, from savers to borrowers, as efficiently as possible. Over time, as economies have grown in complexity, the central bank became the foremost institution entrusted with the task of maintaining economic and financial stability.